LendingClub Shares Rally After Company's Narrower-than-expected Loss

By Claudia Assis Markets MarketWatch Pulse

Shares of LendingClub Inc. rose 8% late Monday after the company reported a narrower-than-expected adjusted second-quarter loss and its quarterly sales came in above expectations. LendingClub reported a consolidated net income of $25.4 million, or 6 cents a share, in the quarter, compared with a loss of $81 million, or 21 cents a share, a year ago. Adjusted for one-time items, LendingClub reported a loss of 1 cent a share, compared with a loss of 9 cents a share in the year-ago period. Revenue reached $139.6 million in the quarter, from $103 million a year ago. Analysts polled by FactSet had expected an adjusted loss of 2 cents a share on sales of $135 million. LendingClub also raised its guidance for full-year and third quarter 2017. The company said it expects revenue in a range of $585 million to $600 million for the year, and third-quarter revenue in a range of $154 million to $159 million.

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